Fashion house Dolce and Gabbana sold $5.7 million worth of clothing and jewelry despite some of it existing only as a digital file.
The Collezione Genesi collection designed by Italian fashion icons Domenico Dolce comprised nine pieces. All were offered as non-fungible tokens – original digital files which cannot be traded, and which are increasingly seen as a viable form of art.
Five were also offered in physical form – two dresses, a suit, and two jewel-studded crowns. Buyers of the digital-only items were also offered an ‘experiential’ purchase, such as a trip to the fashion giant’s design studios.
The most valuable piece of clothing sold at the auction was the ‘green glass suit’ that sold for $1,199,916.01 at the online auction, or 351.384 in cryptocurrency ether, known as ETH, according to the UNXD site, which ran the auction.
That suit was bought by London-based e-commerce firm Boson Protocol. Boson Protocol now owns the original digital file showing an electronic video of the suit, worn in the clip by an eerie, faceless silver mannequin.
The firm, co-founded by Justin Banon and Greg Borosa, also has a year to select a staffer to get measured for a real-life version of the garment.
It is woven with 72 embroidered glasswork with both Murano glass and Swarovski crystal in a multitude of different designs and the base contains 100% silk.
Fashion house Dolce and Gabbana released a new collection featuring both digital and physical merchandise that were auctioned of using NFTs (non-fungible tokens) as currency. The glass suit (above) was one of the designs featured that sold for $1 million.
The suit was bought by NFT e-commerce firm Boson Protocol, whose co-founders Justin Bannon and Greg Borosa are pictured above
This gold ‘Dress from a Dream’ was sold for $767,261.04, to an NFT collector called Pranksy. It exists both as an NFT and in physical form
A silver version of the ‘Dress for a Dream’ sold for $641,113, or 225.5 ETH. It was bought by an anonymous bidder calling themselves Purplesq
Explaining the lavish purchase on a Medium blog, Boson Protocol said they hoped to drive interest in their ‘flagship metaverse commerce experience’ which will be launched in a virtual universe called Decentraland in November.
That will also feature NFT drops by other top fashion designers.
ETH, or ether, represents the brand of cryptocurrency that bidders at the auction can use to pay for digital products, with one ETH currently worth around $3,350. It is an alternative to the best-known form of cryptocurrency, Bitcoin.
Digital and physical copies were also made available for a a gold and a silver dress that were coined the Dress from a Dream.
The gold dress was sold for $767,261.04, equivalent to 225.5 ETH by an anonymous NFT investor called Pranksy.
The silver dress sold at $641,113.52 or 188.1 ETH, and was bought by another anonymous user calling themselves Purplesq.
The physical Dress from a Dream collection also was created using 100% SE silk, metal bones and cotton tulle for the corset, and of course Murano glass and Swarovski crystal.
The ‘crowning’ jewel of the auction, however, came in a trio of both crowns and tiaras with two being physical items and the other being digital.
The Doge Crown sold $1443,277.61, equivalent to 423.5 ETH. It was the most expensive item sold at the auction, and was bought by a group called Red DAO
The Golden Impossible jacket – offered only in digital form – was also bought by NFT collector Pranksy, for 99.9ETH, or $340738
The two physical crowns sold were The Lion Crown that was sold for $997,923.38, or 292.82 ETH with The Doge Crown selling for $1,443,277.61, or 423.5 ETH.
That Doge Crown was bought by an organization called Red DAO. DAO stands for a decentralized autonomous organization, an organization run by rules encoded on a computer program which is intended to automate the process of lawmaking.
The Lion Crown was designed to resemble the symbol of the Lion of Venice which has been featured in architecture around the city.
The Doge Crown was also designed with the idea of the iconic city symbol The Doge’s Palace and the nearby clock tower in the Piazza San Marco.
The digital entry called The Impossible Tiara was designed with the idea that it was a piece of fictional royalty that only existed in the imagination.
The Impossible Tiara was sold for $340,779.60, or 99.9 ETH, even though no physical copy of it was offered for sale.
Other digital items included three kinds of jackets including The Velvet Impossible, The Mosaic Impossible and The Golden Impossible.
All the jackets were yet again designed with the concept of being something that could only be created by the imagination.
The Velvet Impossible Jacket sold for $365,566.82, or 107.1794 ETH, The Mosaic Impossible sold for $332,333.48, or 97.4359 ETH with The Golden Impossible selling at $340,738.16, or 99.9 ETH. It was also bought by Pranksy, who splashed out on the gold dress.
NFTs represent a brand of cryptocurrency that can digitally purchase merchandise using ethers (ETH). The Impossible Tiara (above) was designed for digital use for 99.9 ETH. Its buyer will not receive a physical copy of the jewelry
Italian designers Stefano Gabbana (left) and Domenico Dolce (right) were one of the first to introduce NFT merchandise into their fashion collection
Dolce and Gabbana were one of the first luxury fashion houses to introduce the NFT concept to their brand as others have begun following in their footsteps.
The concept was introduced by the pair before their Alta Moda show in Venice on August 29th.
Other brands such as Gucci, Burberry, and Louis Voutton have introduced NFTs in their upcoming collections.
The pieces in the collection include a variety of different clothing and jewelry items.